Fed’s clock ticking on Bank of Whitman

A “prompt corrective action” for the Bank of Whitman was ordered last week by the Board of Governors of the Federal Reserve system. The order found the bank failed to submit an acceptable capital restoration plan after a board finding last Sept. 30.

The Federal Reserve announced the corrective action in a release dated Tuesday.

The directive last Thursday followed a Feb. 3 meeting when the bank’s board of directors appointed Bill Knox, Chief Financial Officer, to negotiate on behalf of the bank with the Federal Reserve. That followed the resignation Jan. 14 of the bank’s two top officers, Jim...